Ed Fast, Canada's Minister for the Asia-Pacific Gateway, announced Tuesday the implementation of a new import system for steel and steel products. The measure, effective immediately, is aimed at reducing congestion at the US-Canada border and removing certain financial and administrative burdens. Fast said the new system will lower business costs, facilitate cross-border trade and improve monitoring of steel imports. The measure will save Canadian steel companies $10 million a year.
Canadian manufacturers, producers, distributors and purchasers of imported steel and steel products will no longer be required to obtain individual permits. Instead, they will use general import permits for all steel imports covered by the Federal Import Control List. Once implemented, the new border measure will eliminate the need for some 270,000 permits annually.